From the Field
China imposes 25% tariff on US crude
BEIJING, August 8, 2018 – China has imposed a 25% tariff on US goods including crude oil totalling USD 16 billion per year in response to a similar move by the USA, international media reported on Wednesday.
“This is tit-for-tat exactly,” Art Hogan of investment bank B. Riley FBR told CNBC. “Our USD 16 billion comes at a scheduled time, which comes up on the 23rd. China said we see your USD 16 billion and we’ll match your USD 16 billion.”
The moves mark an escalating trade war between the world’s largest two economies. Last week, China threatened to impose a similar tariff on US LNG in response to the tariffs slapped on Chinese goods by the USA.